VP, L&A Risk US-Nashville, Remote-US, US-Jersey - Enterprise Risk Management - L&A Risk

Fortitude Reinsurance Company Ltd. (Fortitude Re) is one of the world’s leading providers of legacy reinsurance solutions. They work with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines. Fortitude Re manages a general account of approximately $111 billion across life, annuity, and property & casualty insurance products. The company takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group.

Incorporated under the laws of Bermuda on January 1, 2017, Fortitude Re’s roots in the insurance industry and the experience of their leadership go back many decades. Fortitude Re’s leadership team has an average industry tenure of over 20 years, and an impressive track record of successfully managing the most complex legacy liabilities. Their deep insurance experience and proprietary risk modeling capabilities allow them to structure bespoke transactions that benefit both insurance companies and their policyholders.

Fortitude Re continues to strengthen its ability to pursue further growth and provide innovative solutions for the global insurance industry.for more information about Fortitude Re.

The VP, Life & Annuity Risk is part of Fortitude Re's independent Enterprise Risk Management organization. This role supports the Life & Annuity Risk and Model Risk Management Teams in second line risk oversight of a $100bn long-term reinsurance business and the ALM models that at the intersection of business strategy, reserving and capital.

The ERM organization’s goal is to ensure Fortitude Re has a comprehensive framework for understanding the risks across its lines of business — enabling the company to manage risk effectively, evaluate current and emerging risk challenges and opportunities, and enhance shareholder value.

Candidates will have the opportunity to shape Fortitude Re’s evolving risk management framework while helping manage the risks associated with implementing models for large and diverse blocks of new business.

This position will report to the L&A Risk Officer, with an indirect reporting relationship to the Model Risk Officer. As the ALM modeling infrastructure at Fortitude continues to mature, this position may move to report directly to the Model Risk Officer.

This role will be based remotely with a minimum of 30% travel expected to our Nashville, TN and Jersey City, NJ offices.

Risk Oversight & Business Support

• Contribute to a robust risk management program that integrates with business partners to provide pragmatic oversight, challenge, and review.
• Challenge first-line risk identification and reporting across life, health, and annuity businesses; keep ERM leadership informed of material risks and policy compliance.
• Lead ERM support for Bermuda EBS activities, including financial reporting and attributions, new deal integration, model updates, management of topsides & simplifications, and regulatory examinations/reviews.

Model Risk Management

• Oversee and manage ERM support for all ALM-related models to ensure proper usage given limitations, consistency and appropriateness of methodology across models, and compliance with model risk management standards.
• Support broader model risk and operational risk functions under the direction of the Model Risk Officer.
• Ensure model risk policies, standards, and procedures are met to comply with internal governance and regulatory requirements for ALM-related models.
• Provide input to the MRO on the Model Governance Committee with regard to model risk matters, and develop model risk reporting and documentation to support audit or other external reviews.

People Management

• Manage an actuarial student and any other direct team members; manage timeline, sequencing and resources for model reviews which include tactical and SME support from other ERM team members.

• 10+ years of related experience with long-term insurance liabilities.
• Strong Life & Annuity and financial modeling experience; ideally a credentialed actuary or someone with deep expertise…